Strong dollar put pressure on business

Macquarie Bank research has estimated that profits of listed companies will be reduced by $A525 million if the currency remains over $US0.90. If the dollar reaches parity and trades at the level for the balance of the financial year profits may be slashed by $A875 million. Companies such as CSL, Amcor and Fosters Group have already issued downgrades on earnings guidance citing the strong Australian dollar.